Mutual Fund Lite asset management companies must ensure governance, compliance, disclosure, and limits on broker concentration.

Regulation 63 requires Mutual Fund Lite asset management companies to establish robust governance, operational and compliance systems before launching schemes, including back office, audit, compliance officer, registrars and appointed fund managers with submitted bio data. The CEO, fund managers and dealers must follow prescribed Codes of Conduct with periodic self certification; the compliance officer must report non compliance. The board must manage overall risk, monitor conflicts of interest, enforce brokerage concentration limits with written justifications and quarterly trustee reports, ensure proper valuation and disclosures, maintain whistleblower protections and a Unit Holder Protection Committee, and report annually to the Board.

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